|By Business Wire||
|March 19, 2014 02:11 PM EDT||
Research and Markets (http://www.researchandmarkets.com/research/6djztj/global_photonic) has announced the addition of the "Global Photonic Sensor Market 2012-2016" report to their offering.
The Global Photonic Sensor market is expected to grow at a CAGR of 17.5 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand in the Industrial segment. The Global Photonic Sensor market has also been witnessing the increased number of mergers and acquisitions. However, the high cost of photonic sensors could pose a challenge to the growth of this market.
The key vendors dominating this space are OMRON Corp., Mitsubishi Electric Corp., Banner Engineering Corp., and Honeywell International Inc.
The other vendors mentioned in the report are Baumer Holding AG, Fibertronix AB, Fiso Technologies Inc., Lap Laser, Llc, and Prime Photonics, Lc.
Commenting on the report, an analyst from the researchers' team said: 'There is increased R&D spending on photonic sensors. The leading vendors in the market, such as OMRON, Mitsubishi Electric, Banner Engineering, and Honeywell International, have increased their investment in R&D of photonic sensors. These vendors have discovered huge potential in this market, which is motivating them to invest more in R&D. Furthermore, the vendors in this market are in the process of developing a proper set of technology standards through the R&D process. The increased R&D spending has also improved the accuracy and efficiency of photonic sensors. This is attracting more end-users and is leading to increased profits for vendors.'
According to the report, the Global Photonic Sensor market is growing due to the presence of several growth drivers. One of the major growth drivers is the increasing demand for photonic sensors in the Industrial sector. Photonic sensors are considered the perfect solutions for most industrial applications. This is because these sensors are used in sensing applications in the most critical conditions of manufacturing such as high temperature.
Further, the report states that the major challenge in the market is the high cost of photonic sensors. Photonic sensors are used in critical applications that require high precision equipment, which is very expensive. This increases the cost of these sensors.
For more information visit http://www.researchandmarkets.com/research/6djztj/global_photonic
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